In February 2024, India’s automobile sector experienced notable growth in various segments, including passenger vehicles, three-wheelers, and two-wheelers. According to data released by the Society of Indian Automobile Manufacturers (SIAM), the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,294,411 units during the month.
Domestic sales figures for February 2024 revealed positive trends across several categories. Passenger vehicles recorded sales of 370,786 units, indicating a significant growth trajectory compared to the previous year. Three-wheelers also saw an uptick in sales, reaching 54,584 units, while two-wheelers recorded robust sales of 1,520,761 units.
However, it’s important to note that data for certain luxury automotive brands, including BMW, Mercedes, JLR, and Volvo Auto, were not available. Additionally, Tata Motors’ domestic sales data was included separately in the report.
Commenting on the sales performance for February 2024, Mr. Vinod Aggarwal, President of SIAM, highlighted the positive momentum witnessed in the passenger vehicle, two-wheeler, and three-wheeler segments. He attributed this growth to the robust GDP expansion in the country’s third quarter of the fiscal year 2023-24. Aggarwal also noted the significant impact of the Bharat Mobility Global Expo 2024, which was graced by the Hon’ble Prime Minister, in bolstering consumer sentiment.
Further analysis from Mr. Rajesh Menon, Director General of SIAM, emphasized the record-breaking sales figures for passenger vehicles, which reached 3.7 lakh units in February 2024, marking a notable growth of 10.8% compared to the same period last year. Three-wheelers also reported moderate growth, with sales of approximately 55,000 units, while two-wheelers witnessed a substantial increase of 34.6% year-on-year, reaching sales of 15.2 lakh units.
The positive performance across multiple automotive segments reflects the resilience and potential of India’s automobile industry amidst evolving market dynamics and economic conditions. With continued efforts to drive innovation, sustainability, and consumer satisfaction, the sector is poised for further growth and development in the coming months.
